Friday, May 18, 2007
Dubai: "This is a gold rush." This is how Haytham Al Tajir, owner of Al Tajir Real Estate, describes the UAE real estate market.
"This time it's not in California - it's in Dubai. His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has created an opportunity for all of us to grow, create wealth and make money," he says.
"One can only compare this with the historic Gold Rush of 1849."
Al Tajir Real Estate, a relatively new player in the UAE's fast growing property scene, is rolling out more than five projects with a combined development value of Dh1.5 billion. Of these, at least four will be developed in Dubai. The company has already bought lands for these projects.
Aim
Although a latecomer in the market, Al Tajir says, his company will aim to soon become one of the most recognisable name in the country's real estate sector.
"We have about four to five projects in under various stages of development with a combined value exceeding Dh1.5 billion," Al Tajir told Gulf News on Wednesday.
"We have already announced a Dh800 million Waterfront Residences to be built on the Reem Island in Abu Dhabi through our sister concern Empire International Investments."
Al Tajir Real Estate will soon launch the sale of Fortunato, low-rising project housing 291 units, including townhouses and apartments with a development value of Dh390 million.
The project, to be developed at the Jumeirah Village South, will be completed by mid-2009.
"Construction will start in September this year," he said. "We will soon select a contractor through an open tendering process."
The project's built-up area is 637,686 square feet and the approximate average price of a studio is Dh295,000; a one-bedroom apartment is Dh538,538 while a two-bedroom apartment is priced at Dh682,722.
The price of a four-bedroom townhouse starts at Dh2.2 million.
"We are very careful about the project. A lot of attention has been given to details on Fortunato's design and usage of space," he said.
"However, keeping in mind the interests of the end-users, we have kept the price low, but these are not cheap properties. It's been designed for the people. We want our customers to have a dignified living."
Between the two development companies, he said, Al Tajir will focus on Dubai while Empire will focus more on major regional and international developments.
The company's future projects will have commercial as well as hospitality components, he said.
"One of the future projects, which we will soon announce, is a luxury five-star resort, to be operated by an international hotel chain," he said.
"Besides, a commercial project is also in the pipeline."
Gulf News 2007. All rights reserved.
